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Investment bank China Renaissance said on
Thursday it expected its investment management arm's assets
under management to triple to $10 billion over the next three
years, as it looks to attract more foreign investors and launch
diversified products including hedge funds.

Set up in 2004, China Renaissance is a major player in the
country's buoyant technology sector and has advised on top deals
including the listing of e-commerce firm JD.com and the
formation of ride-hailing company Didi Chuxing.

The investment bank is now looking to push beyond its core
M&A advisory and securities underwriting business and sharpen
focus on areas including the investment management business in
the world's second-largest economy.

The Beijing-based firm, which currently has over $3 billion
worth of assets under management, plans to increase its
investment in high-growth sectors including technology, media,
entertainment and healthcare, mostly in China.

"Our proprietary investing business was growing well over
the past few years and it is natural for us to consider running
our own investment (management) business," said Michael Du, a
managing director at China Renaissance.

Du is also a managing partner at the biggest of firm's three
investment units, Huaxing Growth Capital, which runs several
funds in both yuan and dollar currencies.

Looking ahead, Huaxing plans to make larger investments than
before, in a range of $20 million to $70 million, with a focus
on growth-to-mature-stage firms, Du said, as the firm bets on
local "new economy" companies.

In September people familiar with the plans said that China
Renaissance was raising a new fund with a target of 6 billion
yuan ($900 million).

Like China Renaissance, other China-focused investment firms
such as Hillhouse Capital Group and Sequoia Capital China are
also raising fresh capital, in an attempt to capture a bigger
chunk of investment opportunities in China.

The firm has raised 1.5 billion yuan for its
healthcare-focused fund to invest in medical device and
biotechnology firm. It's also looking to set up a mezzanine fund
in the first half of next year, the company said in a statement.